Off Grid Electric Secures $55 Million in Series D Financing

Greentech Media
By EMMA FOEHRINGER MERCHANT
January 24, 2018

The invest­ment is likely the largest pure ven­ture equity round for a solar home sys­tem provider in emerg­ing markets.

Off Grid Elec­tric closed its Series D fund­ing Fri­day with $55 mil­lion from Helios Invest­ment Part­ners and Gen­eral Electric’s ven­ture cap­i­tal arm.

The round adds to a grow­ing ros­ter of home solar providers oper­at­ing in devel­op­ing coun­tries that are pulling in large sums. In 2017, M-​​Kopa raised $80 mil­lion, Green­light Planet raised $60 mil­lion and Devel­op­ing World Mar­kets financed 11 com­pa­nies with a $60.8 mil­lion social impact note.

Accord­ing to GTM Research solar ana­lyst Ben­jamin Attia, Off Grid’s $55 mil­lion is likely the biggest pure ven­ture equity invest­ment for a home solar provider on record.

The announce­ment comes days after Husk set a record for the largest invest­ment to date in a sin­gle min­i­grid company.

To read the full arti­cle, visit Green­tech Media.